43
Which of the following is NOT a major function of a Central Bank?
- A. Serving as Goverment''s bank
- B. Serving as bankers bank
- C. Acceptance of deposit from the public
- D. Responsibility for monetary policy
- E. Serving as lender of last resort
44
The function of money as a standard of deferred payments
- A. Make possible for an individual to build up store of many things for future use
- B. Makes it possible for payment to be postponed from the present to a future date
- C. Facilitate the exchange of goods
- D. Makes easy calculations possible
- E. None of the above
45
Government in West Africa countries engage in running a number of enterprises because ?
- A. Large amount of capital are needed and key industries should not be left in private hands
- B. Private capital would not established an adequate infrastructure
- C. It brings about a more even distribution of the country’s wealth
- D. The social costs of some enterprises make the government the most suitable body to set them up
- E. All of the above
46
Money becomes a very poor store of value in a period of
- A. Deflation
- B. Stable prices
- C. Recession
- D. Inflation
- E. Harvest
47
Which of the following is NOT true about specialization or division of labour?
- A. Specialization and exchange go hand in hand
- B. Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
- C. Division of labour needs not take account of the extent of the market
- D. Division of labour results in increased productivity
- E. Division of labour involves the danger of unemployment
48
Two goods, X and Y, are said to be complementary when?
- A. A fall in the price of X raises the demand for Y
- B. A fall in the price of X causes a fall in the demand for Y
- C. A fall in the price of X does not affect the demand for Y
- D. A rise in the price of X does not affect the demand for Y
- E. The two goods are competitive.
49
Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?
- A. Immigration
- B. Brith control measures, e.g. use of contraceptives
- C. Late marriage
- D. Creating more educational opportunities for women
- E. Sex education
50
‘Choice arises because of scarcity of resources’,In discussing this statement, Which of the following is NOT correct?
- A. Human wants are numerous but the resources needed to satisfy them are limited
- B. Given numerous wants and limited resources only individuals and businesss firms make choice
- C. The process of making a choices involves opportunity cost
- D. An economist is not interested morality or otherwise of any choice so made
- E. Usually choice is made from a list of wants compliled in the context of a scale of preference